Ting Hsin Group confirmed that its subsidiary Master Kong (Taiwan) Foods Co., Ltd. was dissolved on January 1, 2017.
However, the group said that it would not have major operating or financial impact on Master Kong Holdings Limited, which focuses on businesses on the Chinese mainland market.
Jia Xiande, deputy general manager of public affairs office of Ting Hsin Group, previously revealed that Master Kong (Taiwan)'s business was only engaged in production equipment imports and then leased to Wei Chuan for commissioned production services. In 2015, the company suffered an edible oil scandal in Taiwan and it no longer made Master Kong-branded instant noodle in the marketplace. Therefore, Master Kong (Taiwan) basically had no substantive business operations and the board of directors decided to implement the dissolution and liquidation.
Jia also said that Master Kong (Taiwan) Foods Co., Ltd. has no business with the Taiwan-listed depository receipt of its parent company Master Kong Holdings Limited.
Master Kong (Taiwan) published its liquidation announcement in Taiwanese newspapers on January 3, 2017.